As the world’s current first runner in the cryptocurrency market, Bitcoin has been making some serious headlines and some serious ups and downs in the last 6 months. Almost everyone has heard of them, and almost everyone has an opinion. Some may not realize that a currency of any value can be made from nothing, while some prefer the idea that one can trade as a valuable entity in one’s own right without government control.
Where do you sit “Should I buy Bitcoin?” The fence probably finally peeks into a question: Can I make money from bitcoin?
Can You Make Money From Bitcoin?
In just the last 6 months, we have seen a coin go down from $ 20 in February, to $ 260 a coin in April, to $ 60 in March and to $ 130 in May. The price is now fixed at around 100 per bitcoin, but what happens next is anyone’s guess.
The future of Bitcoin ultimately depends on two main variables: its acceptance as a currency by a wide audience, and the absence of prohibited government intervention.
The Bitcoin community is growing rapidly, interest in online cryptocurrencies has spread dramatically, and new services are increasingly accepting Bitcoin payments. Blogging giant, WordPress, accepts bitcoin payments and African-based mobile application provider, Kipochi, has created a bitcoin wallet that will allow bitcoin payments on mobile phones in developing countries.
We have already seen that people earn millions in currency. While recording the documentary viewing experience, we see a growing number of people experimenting with surviving on Bitcoin for only a few months.
You can use Bitcoin to buy a takeaway in Boston, coffee in London and even a few cars on Craigslist. Searches for bitcoin increased in 2013, with an increase in April and subsequent decline in the value of bitcoin. The first major acquisition of a bitcoin company for an online gambling site SatoshiDice was made last week by an undisclosed buyer for 126,315 BTC (approximately $ 11.47 million).
This rapid growth of awareness and acceptance is likely to continue, if faith in the currency remains strong. Which leads to second dependence. Government regulations.
Although specifically designed to operate independently of government control, Bitcoin will inevitably be influenced by the government in one way or another. This must be due to two reasons.
First, in order to gain a high degree of acceptance, Bitcoin must be accessible to a large number of people, and this means spreading beyond the realm of hidden transactions to the normal day-to-day transactions of individuals and businesses. Second, these bitcoin transactions can become a trackable part of human taxable assets, which can be declared and regulated with any other type of assets.
The European Union has already announced that Bitcoin will not be classified as fiat currency or money, and as such, will not be regulated in its own right. In the United States, the number of 50 state systems and the number of bureaucrats involved has inevitably made decisions more difficult, so far no consensus has been reached. Bitcoin is not considered as money, but it is considered as money.
A prosperous bitcoin market in the United States now has a more uncertain future, and any final legislation in the United States could have a very positive or very negative effect on the future of bitcoin.
So, should you buy Bitcoin?
The answer depends on how risk-free you are. Bitcoin is certainly not going to be a smooth investment, but the potential of this currency is huge.